New Jersey Senate Bill S3004

New Jersey 2024-2025 Regular Session

• Introduced: 3/18/24
• Refer: 3/18/24

Caption

Creates "New Jersey Life Sciences Internship Challenge" program.

Impact

The most significant impact of SB 3004 will be on companies within the life sciences industry in New Jersey. By providing tax credit subsidies equal to the wages paid to interns—up to $15 per hour for 20 hours a week over 12 weeks—the bill aims to lower the financial barriers for smaller life sciences companies when it comes to hiring interns. This initiative will not only support businesses but will also enhance educational opportunities for students in New Jersey, thereby nurturing future talent in a critical industry.

Summary

Senate Bill 3004, titled the 'New Jersey Life Sciences Internship Challenge Act,' aims to establish a state program designed to provide financial incentives for life sciences companies to hire summer interns. This program will be administered by the New Jersey Economic Development Authority (NJEDA), which will oversee the allocation of tax credit subsidies to companies that fulfill the eligibility requirements outlined in the bill. The program targets companies that have fewer than 100 employees and operate research laboratories located within New Jersey, ultimately fostering economic growth and job creation in the life sciences sector.

Contention

Some potential points of contention surrounding the bill may include the limitation on eligible companies based on size and employee count. Critics may argue that focusing solely on smaller firms may overlook larger companies that could also contribute positively to internship programs. Additionally, the stipulation that interns must be New Jersey residents or students enrolled in local colleges may exclude a broader candidate pool, limiting opportunities for skilled individuals living outside the state. Such regulations may lead to discussions about the state's priorities in attracting and retaining talent within the burgeoning life sciences field.